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Private Motor Insurance in the UK_ Key Trends and Opportunities to 2016

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					           Private Motor Insurance in the UK, Key Trends and
                          Opportunities to 2016
Aarkstore Enterprise (India), 17th June , 2013 :

Synopsis

The report provides market analysis, information and insights into the UK private motor
insurance business. The report provides:
• A snapshot of market size and market segmentation
• Comprehensive analysis of claims, drivers and market outlook
• Analysis of distribution channels
• Deals, news and regulatory developments
• Detailed analysis of changing consumer preferences

Summary

Gross written premiums in the UK’s private motor insurance category rose by 6.7% in 2011,
slowing from the expansion recorded in 2010. The market is dominated by comprehensive
policies, with some insurers having axed third-party, non-comprehensive policies in the past
few years. Private motor insurance gross written premiums represent 0.9% of the country’s
GDP, in line with the European average. Motor insurance density in the UK is higher than in
its European counterparts, and has followed a clear upward trend. Factors driving growth in
the category include mandatory motor third-party liability insurance, rising disposable
incomes and a steady increase in private car registrations. The difficult macroeconomic
environment is a challenge. A strong return to growth is not expected until 2014, but as this
recovery gains traction, premium growth rates in the private motor insurance category are
expected to settle around 3%. Adverse factors such as a steep increase in motoring costs
and regulatory changes are expected to mitigate growth momentum. Claims paid by private
motor insurers have risen by 15% since 2008, in line with an increase in payouts for
whiplash claims. The rise has been sharp enough to prompt intervention from the
government and a change in the law on referral fees to try and curb the number of personal
injury claims. Direct sales remain the main channel for distribution of private motor
insurance, but the role of online aggregators has grown rapidly over the last five years.
While price comparison websites enhance pricing transparency for consumers, intensified
competition for rankings is likely to keep premium rates low. Long-term struggles to achieve
profitability have adversely affected car insurers for over a decade. Although 2011 marked a
healthy improvement over 2010, low returns on investments and limited premium growth,
coupled with high claims payouts, mean profitability is likely to remain elusive.

Scope

• This report provides a comprehensive analysis of the private motor insurance market in
the UK:
• It provides historical values for the UK's private motor insurance market for the report’s
2007–2011 review period and forecast figures for the 2012–2016 forecast period
• It analyses the various distribution channels for private motor insurance products in the
UK
• Using Porter’s industry-standard “Five Forces” analysis, it details the competitive
landscape in the UK for the private motor insurance business
• It profiles the top private motor insurance companies in the UK and outlines the key
regulations affecting them

Reasons To Buy

• Gain an understanding of UK private motor insurance market size
• Learn about the performance of claims, market drivers and distribution channels
• Understand the competitive landscape in terms of performance, profitability and product
innovation
• Find out more on key deals and recent developments in the market
• Gain insight into consumer loyalty to brands and the use of price comparison websites

Key Highlights

• Market performance in terms of premium growth has been subdued as the market faces
opposing dynamics. Meanwhile, growth in claims has surged.
• Distribution channels have evolved in line with widespread internet usage.
• Investment income and profits have failed to keep up.
• Regulatory changes will have mixed effects on firms operating in the private motor
category.
• Consumers continue to seek competitive prices.
• Premium growth is expected to settle at 3% by 2017.

To read Full report please check the link: http://www.aarkstore.com/reports/Private-
Motor-Insurance-in-the-UK-Key-Trends-and-Opportunities-to-2016-276282.html

Other Important Reports:

Motor Insurance in Kuwait to 2017: Market Databook

Motor Insurance in Jordan to 2017: Market Databook

For More details please contact:

Aarkstore Enterprise

Email: contact@aarkstore.com | customersupport@aarkstore.com
OfficePhone:(+91)2227453309
TelefaxNo:(+91)2224169996
24/7 Online Support: (+91) 8149852585
http://www.aarkstore.com/

				
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